UBA Ghana posts 134% profit growth for 2016 financial year

UBA Ghana posts 134% profit growth for 2016 financial year
Source: Ghana | Myjoyonline.com | Joy Business
Date: 03-04-2017 Time: 05:04:06:pm
MD/CEO of UBA Ghana, Abiola Bawuah

United Bank for Africa (UBA) Ghana Limited announced its audited 2016 financial results, showing a remarkable 134 percent growth year on year in profit before tax of GH210 billion. 

The Bank also recorded significant positive performances in other headline numbers, with an 114 percent growth in Gross Earnings, and 68 percent growth in Customer Deposits.

Commenting on the results, the MD/CEO of UBA Ghana, Abiola Bawuah said "despite the adverse global and regional macro-economic climate that affected businesses in Ghana and beyond, we leveraged on our entrepreneurial culture and excellent customer service delivery.

"We use these to drive growth in all our major income lines while significantly improving our operational efficiencies, evidenced in the moderation of our cost to income ratio at 31 percent".

She also confirmed that the 2016 performance was a key milestone to becoming a systemically important bank in the industry.

Mrs Bawuah stated that in addition to the significant growth in earnings indices, UBA Ghana also enhanced its productivity to continue to rank  as one of the most efficient and profitable banks in the industry.

While commenting on the outlook for 2017, she was optimistic the Ghanaian economy will experience significant growth, adding UBA Ghana is committed to creating value for all her stakeholders by harnessing the opportunities created in the expected growth of the economy in 2017.

The MD/CEO also highlighted the banks strategic intent to become the dominant financial institution in Ghana and the undisputed leader in digital banking.

“In this light, we have redefined our Core Values to reflect our commitment to achieving our corporate objectives. Our new core value statement of Enterprise, Excellence and Execution reflect the underpinning foundation to achieving superior performance in the coming year and beyond” she stated.

In line with the bank’s positioning statement and strategic intent, UBA Ghana has a footprint of 28 fully networked branches across Accra, Tema, Kumasi, Takoradi, Tamale, Tarkwa and Aflao and 49 Visa and MasterCard enabled ATM's.